North Carolina Down Payment Support Programs

Online Payments - These systems will be the Down Payment Assistance Program as well as the Mortgage Credit Certificate.

If you qualify for one of these plans and you buy a home and December 1, 2009, you can even be eligible for the $8,000 tax credit only enacted into law.

First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a house in the previous three years. It is the same qualifying definition.

What is a Mortgage Credit Certificate and Who Qualifies?

All home owners can claim an itemized deduction.

You can claim 20% of the interest you pay on your own mortgage as a credit on your own federal income taxes, if you are eligible for the MCC. You can save around $2,000 on your taxes.

Should you qualify for 2009, for the MCC, you will have the ability to unite this. This may reduce a buyer's tax liability .

Who qualifies for an MCC is based on your own income along with the price of the property you are buying. Household income is defined as the “gross income of the mortgagor and every other individual anticipated to reside in the residence who is 18 years old or older.”

The income and house price limitations that apply in Durham, Orange and Chatham Counties are listed below.

MCC Income Limits 1 Individual $61,500 2 Individuals $61,500 3 Persons $70,500 4 Persons $70,500

MCC Sales Price Limitations New House $220,000 Existing Residence $210,000

Who Qualifies for Down Payment Help?

The buyer only needs to pay and the load would pay around $8,000 of the remaining balance.

This plan has more stringent income limitations than the MCC plan outlined above. Like the MCC program, it may be used in combination with the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nonetheless, can not be applied along with all the MCC. That is an either or scenario.

The income and house price limitations that apply in Durham Orange and Chatham Counties are given below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Support Sales Cost Limits New Home $210,000 Existing House $210,000